Lyon: GEELY AUTO (00175) overseas orders strong, maintains "highly confident of outperforming the market" rating.

Lyon released a research report, stating that GEELY AUTO's overseas expansion is accelerating, with an export volume of 85,000 vehicles in May. Management also mentioned that if not for logistics bottlenecks, monthly overseas orders could exceed 100,000 vehicles. Lyon predicts that as logistics issues are gradually resolved, monthly export volume can reach 100,000 vehicles starting in June, driving the second half-year export volume to around 600,000 vehicles. The full-year export forecast has been raised from 800,000 to 1.06 million vehicles, accounting for about 32% of total sales. The rating of "Highly confident to outperform the market" and the target price of HK$30 remain unchanged. The current forecast for Geely's total sales in 2026 is an 8.9% year-on-year increase to approximately 3.295 million vehicles, with revenue forecast lowered by 1.8% to 428.8 billion RMB, and net profit forecast adjusted upward by 0.3% to 19.64 billion RMB.